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AVEO Announces Exercise of Over-Allotment Option for Recent Public Offering

Press Release

AVEO Announces Exercise of Over-Allotment Option for Recent Public Offering

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 22, 2013--
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that the
underwriters of its recent public offering of common stock have
exercised their option to purchase an additional 1,000,050 shares, the
full amount of the option granted to the underwriters, at the public
offering price of $7.50 per share. All of the shares are being sold by
AVEO. As a result, the company expects to issue a total of 7,667,050
shares upon the closing of the offering and to receive aggregate net
proceeds, after underwriting discounts and commissions and other
estimated offering expenses, of approximately $53.8 million. The
offering is expected to close on or about January 23, 2013, subject to
the satisfaction of customary closing conditions.

A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (the "SEC") and is effective. The
offering is being made by means of a prospectus and related prospectus
supplement. Copies of the prospectus supplement may be obtained, when
available, from the offices of J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717 (Telephone number 866-803-9204).

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.

Certain of the statements made in this press release are
forward-looking, such as those, among others, relating to our
expectations regarding the completion of the proposed public offering.Actual results or developments may differ materially from those
projected or implied in these forward-looking statements.Factors
that may cause such a difference include, without limitation, risk and
uncertainties related to whether or not we will be able to raise capital
through the sale of shares of common stock, market and other conditions,
the satisfaction of customary closing conditions related to the proposed
public offering and the impact of general economic, industry or
political conditions in the United States or internationally.There
can be no assurance that we will be able to complete the proposed public
offering on the anticipated terms, or at all.You should not
place undue reliance on these forward-looking statements, which apply
only as of the date of this press release.Additional risks and
uncertainties relating to the proposed offering, AVEO and our business
can be found under the heading “Risk Factors” included in AVEO’s current
report on Form 8-K filed with the SEC on January 16, 2013 and in the
prospectus supplement related to the proposed offering filed with the
SEC on January 17, 2013, and in other filings that AVEO periodically
makes with the SEC.In addition, the forward-looking statements
included in this press release represent our views as of the date of
this press release.We anticipate that subsequent events and
developments will cause our views to change.However, while we
may elect to update these forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so.These
forward-looking statements should not be relied upon as representing our
views as of any date subsequent to the date of this press release.